{"id":6413,"date":"2017-07-06T16:42:51","date_gmt":"2017-07-06T20:42:51","guid":{"rendered":"http:\/\/teammovemortgage.com\/?p=6413"},"modified":"2020-07-13T22:29:01","modified_gmt":"2020-07-13T22:29:01","slug":"first-time-home-buyer","status":"publish","type":"post","link":"https:\/\/teammovemortgage.com\/blog\/first-time-home-buyer\/","title":{"rendered":"First Time Home Buyer Admits &#8220;If I Had Only Done This&#8221;"},"content":{"rendered":"<p>Thinking about buying a first home\u00a0and trying to figure out what to do can be an overwhelming thought.\u00a0 There are a lot of things to consider such as price, payment, amenities, down payment, and qualification.\u00a0 Plus spending and probably borrowing tens to hundreds of thousands of dollars is a huge step.\u00a0 So foremost, a first time home buyer must be an informed and educated buyer.\u00a0 In this article we want to provide the first time buyer\u00a0how to avoid the worst mistake.\u00a0 Also, throughout the article there are links to other <a href=\"http:\/\/teammovemortgage.com\/category\/1st-time-buyers\/\">helpful articles for first time buyers\u00a0<\/a>on this site.<\/p>\n<h2>Do Not Make This Mistake as a First Time Home Buyer!<img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-6432\" src=\"https:\/\/teammovemortgage.com\/blog\/wp-content\/uploads\/2017\/07\/AdobeStock_36832367-300x200.jpeg\" alt=\"first time home buyer mistakes to avoid\" width=\"300\" height=\"200\" \/><\/h2>\n<p>There are a lot of firsts for a first time home buyer.\u00a0 So, what is the worst mistake to avoid\u00a0and what buyers say they wish they would have done first?\u00a0 Drumroll&#8230;\u00a0 &#8220;If I had only taken the time to get a <a href=\"http:\/\/teammovemortgage.com\/blog\/2016\/02\/18\/understanding-the-levels-of-prequalification-letters-for-buyers\/\">solid approval<\/a> prior to looking at homes and getting under contract!&#8221;.\u00a0 Buying a <a href=\"https:\/\/www.zillow.com\/\">house<\/a> is exciting and getting a mortgage is not!\u00a0 So it is only human nature to want to find the right <a href=\"https:\/\/www.trulia.com\/\">house<\/a> first and then figure out the financing later.\u00a0 But this is totally backwards from the way it should go.\u00a0 Do not figure out your finances during due diligence!\u00a0 Getting expertly qualified and\u00a0understanding the numbers up-front will make the home search process go so much easier!\u00a0 Check out the <a href=\"http:\/\/teammovemortgage.com\/blog\/2016\/02\/18\/understanding-the-levels-of-prequalification-letters-for-buyers\/\">reasons to get approved up-front <\/a>and avoid this worst mistake ever.<\/p>\n<blockquote><p>&#8220;Do Not Figure Out Your Finances During Due Diligence!&#8221;<\/p><\/blockquote>\n<h2>Reasons to Get Approved Up-Front<\/h2>\n<p>If you think about it for even a second, it is just not a good idea to start the mortgage process\u00a0AFTER signing a <a href=\"http:\/\/teammovemortgage.com\/blog\/2015\/05\/14\/purchase-contract-issues\/\">purchase contract<\/a>.\u00a0 Discussing goals, terms, required documentation, and more prior to contract makes perfect sense.\u00a0 Having 30 days or less to handle the process usually can be done, but why put the unnecessary stress on yourself?\u00a0 So what should be done prior to going under contract on a house?\u00a0 Let&#8217;s discuss these areas in detail.<\/p>\n<ul>\n<li><a href=\"http:\/\/teammovemortgage.com\/blog\/2015\/07\/30\/low-down-payment-options\/\">Know Home Loan Options<\/a><\/li>\n<li><a href=\"http:\/\/teammovemortgage.com\/blog\/2015\/08\/08\/home-purchase-budget-tips\/\">Figuring a Budget for House Payment<\/a><\/li>\n<li>Know a Payment &amp; Price Range<\/li>\n<li>Documentation is Done<\/li>\n<li>Better Chance of Contract Acceptance<\/li>\n<\/ul>\n<h2>First Time Home Buyer Should Know the Home Loan Options<\/h2>\n<p>Now, there are times that a buyer knows which home loan they want and may be correct.\u00a0 But a buyer needs to realize that it is smart to explore any options available.\u00a0 Each loan type has advantages and disadvantages.\u00a0 Plus, what is best for one buyer may not be best for another.\u00a0 So a statement from a friend saying &#8220;make sure you get a conventional loan and put down 20%&#8221;, may be right for you but maybe it isn&#8217;t.\u00a0 That is why there will be detailed questions asked by the loan officer so that applicable loan options may be presented.\u00a0 There are a lot of different options to consider for a\u00a0first time home buyer.<\/p>\n<h3>First Time Buyer Loans<\/h3>\n<p>Below are the most common loan options chosen by first timers.\u00a0 Click on each for more detailed information on each loan program.<\/p>\n<ul>\n<li><a href=\"http:\/\/teammovemortgage.com\/usda\/\">USDA Guaranteed Loans<\/a><\/li>\n<li><a href=\"http:\/\/teammovemortgage.com\/va-loan\/\">VA Home Loan<\/a><\/li>\n<li><a href=\"http:\/\/teammovemortgage.com\/fha\/\">FHA<\/a><\/li>\n<li><a href=\"http:\/\/teammovemortgage.com\/down-payment-assistance-nc-sc\/\">Down Payment Assistance for NC<\/a> or <a href=\"http:\/\/teammovemortgage.com\/blog\/2017\/06\/22\/down-payment-assistance-sc\/\">SC DPA<\/a><\/li>\n<li><a href=\"http:\/\/teammovemortgage.com\/blog\/2017\/04\/06\/homeready\/\">Conventional Loans as low as 3% down<\/a><\/li>\n<li><a href=\"http:\/\/teammovemortgage.com\/rehab-loans\/\">Purchase \/ Rehab<\/a><\/li>\n<\/ul>\n<h2>Figure if House Payment Fits First Time Buyer&#8217;s Budget<img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-6436\" src=\"https:\/\/teammovemortgage.com\/blog\/wp-content\/uploads\/2017\/07\/Budgeting-300x200.jpg\" alt=\"first time home buyer\" width=\"300\" height=\"200\" \/><\/h2>\n<p>Sure, lenders are going to figure if a mortgage payment fits within the mortgage debt ratio guidelines for particular loan programs.\u00a0 That will determine a mortgage loan approval or not.\u00a0 But, a first time home buyer needs to have a budget in order to feel comfortable with a payment.<\/p>\n<p>If a buyer currently <a href=\"http:\/\/teammovemortgage.com\/blog\/2015\/08\/15\/rent-tips-first-time-buyers\/\">pays rent<\/a> or a mortgage, it is easier to come up with a comfortable payment.\u00a0 Conversely, it gets more complicated when living rent free with family or friends.\u00a0 So, going from zero housing payment to $700, $1000, or $1500 is a big difference.\u00a0 This isn&#8217;t to say that it can&#8217;t or shouldn&#8217;t be done.\u00a0 There just needs to be some planning and maybe some lifestyle changes to allow for a mortgage payment.\u00a0 Also it is a good idea to actually write down a budget before and after the purchase.\u00a0 We\u00a0are happy to provide a\u00a0budget form for buyers to use.<\/p>\n<h2>Know a Payment and Price Range<\/h2>\n<p>So, now you know program options and have a budget.\u00a0 Then, let&#8217;s figure a total monthly payment.\u00a0 After a thorough discussion of goals, budget for a payment, and program options that fit, we can use this information to come up with a price range.\u00a0 Now, there isn&#8217;t a way to come up with an exact payment without a <a href=\"http:\/\/www.homes.com\/\">property<\/a> yet.\u00a0 The reason is that property taxes and insurances vary from property to property.\u00a0 But, until a property of interest is identified a good guess on <a href=\"http:\/\/www.investopedia.com\/terms\/p\/propertytax.asp?ad=dirN&amp;qo=investopediaSiteSearch&amp;qsrc=0&amp;o=40186\">taxes<\/a> and <a href=\"https:\/\/en.wikipedia.org\/wiki\/Home_insurance\">insurance<\/a> could be used.\u00a0 Since all of the work has been put in up-front as discussed in this article, it will be easy to make tweaks to the loan structure to come up with a total actual payment.\u00a0 It can&#8217;t be stressed how much easier it makes going under contract when these steps are completed first.<\/p>\n<h3 style=\"text-align: center;\"><a href=\"http:\/\/teammovemortgage.com\/blog\/2017\/05\/05\/no-down-payment-mortgage\/\">Mortgage Rules Have Changed So Why Are You Still Renting?<\/a><\/h3>\n<h2>Providing Complete Documentation<\/h2>\n<p>All of these steps are important but where most of the procrastination comes in is providing documentation for the loan.\u00a0 It is very common for borrowers to say &#8220;I will provide the documentation once I find a house.&#8221;.\u00a0 This is a huge mistake.\u00a0 The reason is that there are so many things hidden in bank statements, paystubs, or tax returns that could cause loan issues or at minimum need to be addressed.\u00a0 Being proactive in the purchase process is going to get the best result and save time.\u00a0 Regretfully sometimes this best result is a denial.\u00a0 But wouldn&#8217;t you prefer to know it doesn&#8217;t work before going under contract?<\/p>\n<p>The absolute best option is to provide all requested documentation after the application and discussion with the loan officer.\u00a0 Just think of the benefits of having everything borrower related taken care of other than possibly providing updated paystubs and bank statements.<\/p>\n<h3>The biggest benefit being we are able to complete the following review<\/h3>\n<ul>\n<li>Verify employment &amp; actual income &#8211; <a href=\"http:\/\/teammovemortgage.com\/blog\/2015\/05\/22\/self-employed-mortgage\/\">Self employed<\/a>, <a href=\"http:\/\/teammovemortgage.com\/blog\/2016\/05\/03\/commission-income\/\">commissioned,<\/a> overtime, <a href=\"http:\/\/teammovemortgage.com\/blog\/2017\/05\/30\/usda-income-limits\/\">within income limits<\/a> when applicable, w2 or <a href=\"https:\/\/www.irs.gov\/businesses\/small-businesses-self-employed\/self-employed-individuals-tax-center\">tax return transcripts<\/a>, and more could be verified<\/li>\n<li>Make sure assets are verified &amp; allowed &#8211; <a href=\"http:\/\/teammovemortgage.com\/blog\/2015\/06\/16\/cash-deposits-mortgages\/\">Avoid cash issues early<\/a>, make sure of actual amount available<\/li>\n<li>Document rent history<\/li>\n<li>Take care of any credit explanations \/ issues<\/li>\n<li>Processing and underwriting review<\/li>\n<\/ul>\n<p>Think of the confidence you and your <a href=\"http:\/\/www.realtor.com\/\">Realtor <\/a>will have when viewing homes and making an offer!\u00a0 Knowing that as long as the property appraises, inspections go well,\u00a0and title search is clear, the closing should happen.<\/p>\n<p>One thing we say a lot is &#8220;We are good at what we do.\u00a0 But if we don&#8217;t have required documentation, we are not able to do what we do best for you.\u00a0 The happiest clients who are cruising in the end are the ones that provide documentation up-front so we can do what we do very early.\u00a0 Buyers with stress at the end are the ones that are still providing documentation near the end that was originally requested in the beginning.\u00a0 So be a successful first time home buyer by providing requested documentation as soon as it is requested.&#8221;.<\/p>\n<h2>Better Chance of Contract Acceptance<img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-6403\" src=\"https:\/\/teammovemortgage.com\/blog\/wp-content\/uploads\/2017\/06\/waterway-1-300x225.jpg\" alt=\"first time home buyer condo\" width=\"300\" height=\"225\" \/><\/h2>\n<p>So you have completed everything above and you are ready to make an offer.\u00a0 Just remember, it is often a competition in a way.\u00a0 There may be other buyers interested in the home and you need to look as good as possible to the seller.\u00a0 Not only should your offer price be an acceptable amount, but it would be very helpful to look strong as a buyer.\u00a0 In addition to other buyers getting a mortgage, you could compete with cash buyers as well.\u00a0 Cash buyers are less risk to a seller, so are very desirable.\u00a0 But if you are a strong, already qualified buyer with a little higher price, the seller could take your offer.\u00a0 Without a strong qualification, the chances of acceptance go down.<\/p>\n<p>Our goal is to not only help you buy a home, but to do it in a way that is as smooth as possible.\u00a0 So hopefully this article will convince you of the importance of avoiding this mistake.\u00a0 Let our team walk you through the home process and into your perfect home.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Thinking about buying a first home\u00a0and trying to figure out what to do can be an overwhelming thought.\u00a0 There are a lot of things to consider such as price, payment, amenities, down payment, and qualification.\u00a0 Plus spending and probably borrowing tens to hundreds of thousands of dollars is a huge step.\u00a0 So foremost, a first [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":8830,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[5,33,40],"tags":[1024,1025,1026,1027,1028,1029,1030],"class_list":["post-6413","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-1st-time-buyers","category-frequently-asked-questions","category-tips","tag-first-time-buyer","tag-first-time-buyer-tips","tag-first-time-home-buyer","tag-first-time-home-buyer-credit","tag-first-time-home-buyer-loan","tag-first-time-home-buyer-programs","tag-first-time-homebuyer-program"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>First Time Home Buyer Admits &quot;If I Had Only Known This&quot;<\/title>\n<meta name=\"description\" content=\"First time home buyer huge mistake to avoid 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